$CECO
CECO ENVIRONMENTAL CORP

2020 Q2 Form 10-Q Financial Statement

#000156459020036424 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $75.17M $81.18M
YoY Change -7.4% 0.11%
Cost Of Revenue $49.20M $54.33M
YoY Change -9.45% 0.73%
Gross Profit $26.00M $26.85M
YoY Change -3.15% -2.47%
Gross Profit Margin 34.59% 33.07%
Selling, General & Admin $18.40M $22.43M
YoY Change -17.95% 1.94%
% of Gross Profit 70.77% 83.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.452M $2.749M
YoY Change -10.8% -20.53%
% of Gross Profit 9.43% 10.24%
Operating Expenses $20.20M $22.43M
YoY Change -9.93% -8.09%
Operating Profit $4.395M $2.018M
YoY Change 117.79% -21.81%
Interest Expense -$900.0K $1.460M
YoY Change -161.64% -18.57%
% of Operating Profit -20.48% 72.35%
Other Income/Expense, Net $400.0K $808.0K
YoY Change -50.5% -316.62%
Pretax Income $3.800M $1.366M
YoY Change 178.18% 241.5%
Income Tax $600.0K -$4.100M
% Of Pretax Income 15.79% -300.15%
Net Earnings $3.258M $5.515M
YoY Change -40.92% -712.1%
Net Earnings / Revenue 4.33% 6.79%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $93.22K $0.15
COMMON SHARES
Basic Shares Outstanding 35.28M 34.92M
Diluted Shares Outstanding 35.41M 35.58M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.50M $28.80M
YoY Change 44.1% -19.1%
Cash & Equivalents $41.50M $28.83M
Short-Term Investments
Other Short-Term Assets $14.10M $15.10M
YoY Change -6.62% -22.96%
Inventory $18.90M $22.38M
Prepaid Expenses
Receivables $60.81M $60.04M
Other Receivables $6.600M $2.000M
Total Short-Term Assets $180.1M $160.5M
YoY Change 12.2% -11.46%
LONG-TERM ASSETS
Property, Plant & Equipment $28.80M $11.86M
YoY Change 142.87% -46.59%
Goodwill $159.1M $152.2M
YoY Change 4.54%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.500M $4.200M
YoY Change -16.67% -12.5%
Total Long-Term Assets $238.3M $231.2M
YoY Change 3.06% -3.7%
TOTAL ASSETS
Total Short-Term Assets $180.1M $160.5M
Total Long-Term Assets $238.3M $231.2M
Total Assets $418.4M $391.7M
YoY Change 6.81% -7.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.40M $48.20M
YoY Change 2.49% -9.23%
Accrued Expenses $22.20M $21.40M
YoY Change 3.74% 4.39%
Deferred Revenue $22.02M
YoY Change 283.34%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.500M $2.500M
YoY Change 0.0%
Total Short-Term Liabilities $106.1M $99.60M
YoY Change 6.53% -9.13%
LONG-TERM LIABILITIES
Long-Term Debt $75.46M $72.54M
YoY Change 4.03% -10.33%
Other Long-Term Liabilities $30.10M $19.34M
YoY Change 55.61% -36.37%
Total Long-Term Liabilities $75.46M $91.88M
YoY Change -17.87% -17.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.1M $99.60M
Total Long-Term Liabilities $75.46M $91.88M
Total Liabilities $219.4M $209.2M
YoY Change 4.9% -9.14%
SHAREHOLDERS EQUITY
Retained Earnings -$56.67M
YoY Change
Common Stock $253.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $199.0M $182.6M
YoY Change
Total Liabilities & Shareholders Equity $418.4M $391.7M
YoY Change 6.81% -7.04%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $3.258M $5.515M
YoY Change -40.92% -712.1%
Depreciation, Depletion And Amortization $2.452M $2.749M
YoY Change -10.8% -20.53%
Cash From Operating Activities -$4.890M $2.440M
YoY Change -300.41% -62.97%
INVESTING ACTIVITIES
Capital Expenditures -$1.010M -$780.0K
YoY Change 29.49% 550.0%
Acquisitions
YoY Change
Other Investing Activities -$6.120M $0.00
YoY Change
Cash From Investing Activities -$7.140M -$780.0K
YoY Change 815.38% 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.20M -300.0K
YoY Change 9966.67% -91.35%
NET CHANGE
Cash From Operating Activities -4.890M 2.440M
Cash From Investing Activities -7.140M -780.0K
Cash From Financing Activities -30.20M -300.0K
Net Change In Cash -42.23M 1.360M
YoY Change -3205.15% -54.52%
FREE CASH FLOW
Cash From Operating Activities -$4.890M $2.440M
Capital Expenditures -$1.010M -$780.0K
Free Cash Flow -$3.880M $3.220M
YoY Change -220.5% -52.01%

Facts In Submission

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FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-16000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
32636000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
35527000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4300000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3800000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6300000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5400000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4600000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3900000
CY2020Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
49444000
CY2019Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
48762000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5897000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5712000
CY2020Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4323000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4664000
CY2020Q2 cece Contract Liability Current
ContractLiabilityCurrent
3920000
CY2019Q4 cece Contract Liability Current
ContractLiabilityCurrent
5666000
CY2020Q2 cece Lease Liabilities Current
LeaseLiabilitiesCurrent
2310000
CY2019Q4 cece Lease Liabilities Current
LeaseLiabilitiesCurrent
2610000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9673000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10905000
CY2020Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
75567000
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
78319000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
77960000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
65501000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
2500000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2500000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
75460000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
63001000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1300000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3100000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3700000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4400000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
67000000.0
CY2020Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0236
CY2019Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0380
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
3258000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
5515000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35276000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34924000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
134000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
659000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35410000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35583000
us-gaap Net Income Loss
NetIncomeLoss
6670000
us-gaap Net Income Loss
NetIncomeLoss
7379000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35216000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34880000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
187000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
592000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35403000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35472000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1000000.0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1000000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.168
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.813
CY2020Q2 cece Average Cost Per Settled Claim
AverageCostPerSettledClaim
34000
CY2019Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
209
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
38
us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
49
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
100000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
200000
CY2020Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
8700000
CY2019Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
8900000
CY2020Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
200000
CY2019Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
300000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3300000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.148
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-3.037
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
41500000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35600000
cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
33200000
us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
3100000
cece Litigation And Settlement Awarded From Insurers
LitigationAndSettlementAwardedFromInsurers
2900000
us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
4
us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
We are not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows.
CY2020Q2 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
1
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
10300000
CY2020Q2 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
600000
CY2020Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
500000
CY2020Q2 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
200000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75170000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81179000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155656000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167190000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4395000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2018000
us-gaap Operating Income Loss
OperatingIncomeLoss
8633000
us-gaap Operating Income Loss
OperatingIncomeLoss
6907000
CY2020Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1016000
CY2019Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
779000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2452000
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2749000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4648000
CY2020Q2 us-gaap Assets
Assets
418392000
CY2019Q4 us-gaap Assets
Assets
408637000
CY2020Q2 us-gaap Goodwill
Goodwill
159107000
CY2019Q4 us-gaap Goodwill
Goodwill
152020000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75170000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81179000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155656000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167190000

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